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���������ֳ� has affirmed Cleveland-Cliffs Inc.'s Long-Term IDR at BB- with a Stable Outlook. The company's EBITDA margins are projected to average around 9% from 2026, with EBITDA leverage trending below 3.5x. The $2.5 billion acquisition of Stelco Holdings Inc. is expected to be neutral for Cliffs' credit profile through 2025 but may improve margins and diversification over time. EBITDA margins declined significantly in 2024, averaging around 2% over the past four quarters. Cliffs' debt increased by approximately $3.96 billion in 2024, with EBITDA leverage at 16.5x. The company aims to prioritize debt repayment. Key risks include sustained high leverage and lower-than-expected free cash flow. Cliffs benefits from its position as the largest flat-rolled steel producer in North America and its vertically integrated business model. The company has a solid operational profile and significant fixed-price contracts, reducing price volatility. ���������ֳ� expects Cliffs' annual steel shipments to average around 19 million tons through 2028.

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